setting visual bell to flash in iTerm

Solution 1:

In newer versions (I'm in 2.0.0.20141103 on OS X Yosemite), it looks like they moved the setting to Profiles → Terminal → (Default profile) → Terminal. This doesn't switch the foreground and background colors like you're asking for, but it does display a big visual bell in the middle of the terminal. See this image of the settings page:

Solution 2:

Sometimes the simplest things are the most tricky.

1. Go to the preferences of iTerm.
2. Go to the advanced section of your scheme (or those you use).
3. Set visual bell and unset audio bell That should work.

Solution 3:

See my answer in this thread: the code change is already checked in and iTerm2 will have it in the next release.